New research shows that customers would shop more from insurers if they communicated in this way.
A survey conducted to better understand insurance customer attitudes and behaviors with insurers has found that conversational AI and online messaging are highly appealing methods of communication.
The results of the research were published in the 2020 Survey of Consumer Preferences Around Insurance.
The survey was conducted in October 2020. It involved the participation of over 2,500 respondents in the United States, United Kingdom and Australia. This small, preliminary research indicated that the majority of insurance customers trust chatbots and digital messaging experiences to assist them in finding the answers to their coverage questions.
It should be acknowledged that this research was conducted for a company that sells AI-powered products. That said, what it found was that consumers in their survey were more likely to purchase more from insurers that gave them the option to communicate through AI-powered messaging.
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The survey results suggest that conversational AI powered messaging could be a powerful option for insurers.
It indicates that if insurance companies were to implement AI powered messaging options and make them easy for customers to find, it will help those customers to evolve their behaviors. For instance, the survey showed that 49 percent of respondents said that the pandemic had made them review and reconsider their coverage in both health and life insurance. Moreover, another 63 percent said that they would use a chatbot to obtain instant answers to their coverage questions, including those related to COVID-19 testing and symptoms.
“The relationship between consumers and their insurers is built on trust, and the vast majority of consumers now clearly report that they trust insurance companies more if they provide the option to message to get advice, ask questions, and even make purchases,” said LivePerson CEO and founder, Robert LoCascio. “This is a win-win for policyholders and insurance companies.”
The conversational AI tech would make it possible for customers to engage with their insurance companies whenever it is most convenient for them, using the messaging channels they already use to communicate with friends and family. On the other side, insurers can leverage this tech to reduce call volume and enhance self-service, providing an end-to-end digital experience customized to each policyholder’s individual needs.